All Forum Posts by: Jeff Byrne

@Joe Villeneuve first I love the beer reference lol. Let me clarify my current situation. I have student debt ranging in the $30K region, but have income from my 9-5 to cover all costs and save. I am looking for something that I could house hack or even purchase a duplex and do the same thing. My issue is knowing what to look for and different avenues to fund the purchase with little to nothing down.

I'm currently in the exact same situation with student loans you're discussing. As an accountant myself my gut tells me to tell you get out of debt, however house hacking is only going to provide you with at a minimum free housing, which in turn opens up that would be rent/mortgage you'd be spending to double down on the student debt. Personally I am looking for a home in fun/upcoming areas where other young professionals want to be in and live to house hack. My advice would be find a home in an area that you are comfortable with that provides solid cash flow returns and use that money to double down on the debt.

Can anyone provide guidance when purchasing deals with little to no money down? I'm in a place that I believe I can make a push to start my business, I just need guidance on how to get started with little to no money. Thanks!

@Michael Ealy would the cost go up if I need to find a contractor to do work I myself am not capable of doing? 

@Max Vishnev I totally agree with you. As I've said above my parents/brother have been very encouraging, however it has been other family members. My parents and I have talked about the risk involved, which I said the risk is also there in stocks, bonds, ETFs, etc. which they understood. I do think my immediate family just wants me to see the risk involved with everything. However, as my college basketball coach said, "you have to risk it for the biscuit."

Hi everyone! My name is Jeff and I am from New Albany, IN. I have an interest in multi family units with 2-4 units. Ultimately my goal is to be cash flowing $20K a month (long term goal). Within the next 12 months my goals are to have purchased my first property or two, have an LLC set up for the property or properties, as well as one for my management company. I plan on paying the management company for things such as lawn care, painting, and anything that I have the skill set to do. I'd love to hear what everyone is doing and what your plans and goals are! Lets talk REI!

@Steve Richardson in your experience, has family came to you for investment help or asked to partner with you on a deal? 

 @Marty Summers Thank you for that! I am aware of that not all see the big picture. Actually I was talking to my dad about this and he is all for the leap of faith that is REI. He's actually talked about doing it some himself. It was nice to hear that from him. At the end of the day I just want to build something for myself and the family that I want to have at some point. I know that nothing worth having is easy or easy to build, but I know that this is worth it. I have zero desire to be average, I wasn't raised that way. I know there will be issues and problems along the way, but I know at the end of the day this is the best move I can make. Now it's just a matter of saving the cash to make the first deal a reality.

@Matt Millard @Steven Scheetz It is crazy how I have noticed that even here in the great lakes area of Indiana/Kentucky. For reference in my small suburb just north of Louisville, KY some family rents a 1 bedroom/1 bathroom apartment for anywhere from $750-$1300 a month. The amount of money they could save by buying is insane but no one wants to own for some reason. Definitely a key reason I am getting into the game. 

Everyone thank you so much for your quotes, motivation, and information! I firmly believe that it can be done after reading your messages/posts. It's inspiring to know that there are so many  people out there killing it and doing what I aspire to do. As many of you have said I may have to be the first person to take that leap of faith and jump in. That's not to say it will be easy because as many of you have stated it's tough. However through education and asking questions I believe that I can offset some of that learning curve. Again, thank you all so much!